A Population Has Groups That Have a Small Amount of Variation

question 26

Multiple Choice

A population has groups that have a small amount of variation within them, but large variation among or between the groups themselves. The proper sampling technique is:

• A)simple random.
• B)stratified.
• C)cluster.
• D)judgment.

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Definitions:

Pure Monopoly Model

An economic model describing a market structure with a single firm dominating the market, without close substitutes for its product, enabling price setting power.

Tacit Understanding

An implicit agreement or understanding that is not formally expressed or written, but is assumed to be shared among the parties involved.

Informal Collusion

A scenario where businesses unofficially agree to certain practices, such as price-setting or market-sharing, without formal agreement, often to reduce competition.

Cartel

A cartel refers to an association of independent businesses or countries that collaborate to manipulate prices and limit competition for certain goods or services.